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.7%. >>> urging for actions, president obama and tim geithner say congress must raise the debt ceiling or cause irreparable damage to the u.s. economy. >>> and jump t to the top of the ftse 100 after third quarter revenue beat the forecast, burberry had earnings higher than expected. >>> all right. sorted out my mike issues. "worldwide exchange" is slightly different today because we're analyzing the first german gdp numbers. >> and i come to the u.s. where it's all annualized and we stick to the european data and it's quarter on quarter. given the context, we're still working through what all that means. >> exports in november, down 94.1 billion is where we essentially went. 98.4 billion was the october numbers. so exports in november driving down. and that gdp number is worth pulling out. exports for the year, up 4.1%. as far as production is concerned, it was up 2% in november. but the forecast were for it to rise up 1%. it was a very weak october, as well. it was this production and that production number. when that came out, it essentially made people put a pretty fourth quarter in the who
dollar claim to avoid the debt ceiling showdown or just raise the debt ceiling himself to avoid the amendment. they will avoid the mess than address what has created the mess. overspending. over eating. you don't think we see to the games? that chance. we see through of fact acre wearing dark clothes and filmed at a distance. they know he is a slob. so is washington. camera moved back. back. you are too close. you can catch inauguration coverage. i will be in washington d.c. but it will be filmed from new york for the big festivities. we will have drone technology taking all of theed e shots. here is what is "money" tonight. president obama announced his sweeping gun-control proposals, but with gun sales shooting through the roof and hundreds of millions of firearms already out there, can they really make a difference? today's power panel takes aim at the hot issue. plus at least seven americans are reported to be among dozens of oil and gas workers taken hostage in algeria. is this the first wave of al qaeda sponsor strikes against critical energy facilities? and could it disru
, as you see. we've got them moving higher today. david: the battle over the debt ceiling and paying the bills that d.c. is racking up continues. representative jerry nadler, happens to be my representative, he is looking to stop future fights. he has introduced legislation to end the debt ceiling debate by getting rid of the debt ceiling all together. but would that give too much power to the president? that is the argument. that is the debate. we'll take you and jerry nadler there coming up. liz: germany's central bank pulling some of its gold out of new york and paris. we have somebody who says you need to look at this because it could turn out to be good news for gold prices. he also says we could see 1900 an ounce by the end of the year. find out why and how you could play this one. david: we all love gold. first before we get to all those stories we'll tell you what drove the markets with today's data download. it is a mixed day on wall street. dow settling lower while the nasdaq and the s&p posting gains the dow snapping a five-day winning streak. technology and energy were to
to you and you will not be touched by gun violence, you are fooling yourself. >> the debt ceiling debate continues. >> the real issue here is, we all know, is spending. >> what are the risks of huge dispense cuts? >> operation commitment, and trading will be gutted. we will ground aircraft, return ships to port, and sharply curtail training across the force. >> a bill before the while the state legislature would make a federal legend try to enforce a ban on arms federal -- guilty of a felony. there are similar measures in texas. the governor of mississippi want to make it illegal in the state to makin force any new gun laws. how many times have we had this debate? this time after the massacre in connecticut, the president says it is different. the president has said 23 executive order is aimed at reducing gun violence and is urging congress to reduce -- and it back crunchers' for all gun sales purity is also asking americans to put heat on members of congress to get there. >> ask for a member of congress if they support universal back rent checks to keep guns out of the wrong hands. if t
as my first term comes to an end. >> brown: the questions were dominated by the looming debt ceiling fight. the president sternly warned republicans not to balk at raising the nation's borrowing limit. >> they will not collect a ransom in exchange for not crashing the american economy. the financial well being of the american people is not leverage to be used. the full faith and credit of the united states of america is not a bargaining chip. and they better choose quickly because time is running short. >> brown: congress has until march to raise the debt ceiling and prevent a government default. most republicans have insisted that with the government facing another trillion dollar deficit this year, any increase in borrowing authority must be tied to cuts in spending. the president flatly disagreed. >> i want to be clear about this. the debt ceiling is not a question of authorizing more spending. so while i'm willing to compromise and find common ground over how to reduce our deficits, america cannot afford another debate with this congress about whether or not they should pay the b
will not negotiate with congressional republicans on raising the nation's debt ceiling. good evening. i'm jeffrey brown. >> woodruff: and i'm judy woodruff. on the newshour tonight, we'll examine what the president said about tackling the government deficit and reducing gun violence. >> brown: then, we turn to the west african nation of mali, where french troops have launched air strikes on islamic militants. three jihaddist groups now deemed a clear and present danger to the capital and beyond, a threat to africa and europe. >> woodruff: margaret warner has the story of the suicide of a young internet wizard who was facing federal charges for hacking and distributing online data he thought should be made public. >> brown: ray suarez updates the changes in cuba, where travel restrictions were eased today for citizens hoping to come and go. >> it is still one of the most repressive places in terms of its human rights record but we welcome any liberalization. we hope that will turn out to be one such. >> woodruff: and with rehearsals already under way for next week's inaugural ceremonies, we examin
debt ceiling, which will come into play. so we will be seeing a lot of activity in the next few months, debates about people criticize the government, about the size of the deficit, and it a lot of back and forth over these three issues. without going into all the different ramifications, i want to say one word about the debt ceiling, which is not everybody understands what the debt ceiling is about. the debt ceiling -- raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it does not create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit ratings and i know how we can save money, we will not pay our credit card bills. not the most effective way to improve your credit rating. it was a very slow solution to the debt ceiling in august of 2011 that got the u.s. downgraded last time. so it's very important. all these issues are important, but it's very, very important that congress take necessary action to raise the debt ceiling
make sense of investing. adam: before we get to the debt ceiling. california overestimated how much tax revenue they would get from the facebook ipo. the overestimated by $600 million. you can hear jerry brown doing a homer simpson. can you trust governments to get the numbers right? the fight over the debt ceiling is in full force. as democratdemocrats propose a o eliminate it completely and the ratings have come out with two scenarios in which it was downgraded the u.s. credit rating. not good news. some republicans are relishing the debt ceiling does indeed have to be raised. joining us now, ihs chief economist and we appreciate you being here. is this fight we are about to have necessary, and what is going to happen to whether it is the global market, 401(k), what will happen to all of us if congress passes this fight? >> this is not a necessary fight. this situation created by congress which sent the debt ceiling from years ago in hopes it would impose some discipline but of course it hasn't because it has been raised and raised and raised and now it is a source of a contentious de
. the debt ceiling debate, a presidential report card, and a quiet market rally. what does it mean for your money? joining us now, jared bernstein and former chief economist to vice president biden. also with us is a chief investment strategist with blackrock. thank you so much for joining us. >> thanks for inviting us. >> thank you. >> russ, let me kick it off with you. friday, a pretty good rally. is this rally for real? do you think it's sustainable going forward as we continue through this earnings period? >> i think in the short term it is. i think we're probably going to hit a road bump in february. the reason i say that is we've got a lot of flows coming into the market early in the year. people are nervous in december. they're coming back into stocks. that's a good thing over the longer term. we do have some issues coming up. the debt ceiling, obviously one of them. the second question is as we start to get january's economic data, how big of a hit do we have from the tax increases, the expiration, the payroll tax hold darks and what do those numbers, which may be a bit on the soft
under control, but does he think the debt ceiling is the leverage that republicans should use to get that done? he'll join us exclusively, and i know you're going to ask him about that. >> absolutely. >> let's check out the action on the street right here. here's how things are shaping up with less than an hour to go. the dow jones industrial average hitting basically at the highs of the day. had been down around 60 points earlier. talking about a gain of 20 points on the blue chip average. fractional move at 13,527. nasdaq chart pattern looks similar. take a look though it's negative. down about nine points on the nasdaq, a quarter points lower and the s&p 500 looks like this. similar chart pattern as the dow up a fraction on the standard & poor's but still that's the high of the afternoon. let's get more on the markets in today's "closing bell" exchange by hank smith and steve from comcast funds and our own rick santelli. >> hello. >> good to see you guys. >> thank you so much for joining us. >> hank smith, we haven't heard from you in a while. let me kick this off with you. how ar
ceiling, which is that not everybody understand what the debt ceiling is about. the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mention it certainly went part way but it leaves another the issues still on the table, and additional negotiations and are looking. would you c
miles on every purchase, every day! what's in your wallet? a showdown over the debt ceiling with republicans using the threat of default to try and leverage spending cuts from the white house. representative peter welch is democrat from vermont and he has been calling for the president to envoc the 14th amendment to circumvent congress and protect the economy. congressman, welcome. good to have you with us. before we turn to the debt ceiling, i would like your reactions to the president's proposals to curb gun violence and whether you think those legislative proposals that he made have a chance of getting through either house of congress or both. >> i do. i mean, all of us are just astonished and appalled at what happened in newtown and the idea that a 6-year-old child would have 11 high capacity bullet designed by the military for combat pumped into that little child is really changing the discussion here. so i think the focus on practical things like high capacity magazines, like background checks that work, like trying to come up with appropriate assault weapon ban, these
because the debt ceiling concern and talks, it's been pretty much nonexistent on the industrial -- >> the markets at fresh five-year highs. >> yeah. it's all because we had the fiscal cliff. and it was so volatile coming into it. we saw some massive swings and massive breakdowns coming into it. it seemed like the market was all over the place. with the debt ceiling, everyone thinks they'll kick the can, raise the debt ceiling up, or get resolved within -- >> that mean the market's at risk? it would seem yes, right? >> see, if you -- my opinion of what will happen is if there's any small breakdown in it, you know, if there's threats that they may downgrade the s&p, whatever, we'll see a breakdown in s&p down to like 14.50, 14.40. but there are so many people waiting on the sidelines, so much cash. and people looking at u.s. equities over the safety play. they'll start coming in, they'll buy. it i think it's going to be a good year for the s&p this year. >> what does earnings season do? hearing from jpmorgan and goldman sachs, the financials have been a driver of major averages mo
the debt ceiling. fitch said the pressure on the aaa is, if anything, increasing. >>> we are four hours away from facebook's secret announcement in menlo park. so far, the guesses range from a facebook search engine to a facebook phone. would either product help lift the stock back with a high water mark. >>> the debate kicks off whether dell can, a, raise the money to go private, and b, reinvent itself without going through cash flow. the journal said the talks have been serious for weeks. >>> lululemon doing a downward dog this morning. raises guidance but not enough to impress investors. >>> the battle over the debt ceiling has warranted a warning from fitch. they said it will prompt a formal review of u.s. credit ratings. fitch does add it expects congress will ultimately approve a ceiling increase. the head of global sovereign ratings for fitch, david riley, will join us in the next hour. bernanke weighing in on the debt ceiling in michigan late yesterday. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills.
right this guy -- maybe this time he means that he is not going to negotiate on this debt ceiling. do you sense that's what is coming out of this? or is there a darker path that they are trying to follow? >> well, what has me so intrigued are the at attentions between the house republicans and the republicans in the senate. if you look at the sequestration and automatic budget cuts, it looks like the house wants to try to blame the senate if things fall apart. so they can say now the burden is on the senate which they have to agree to an overall budget deal by april. and then they can say at that point we'll deal with the debt ceiling. so it was a way to put some pressure on mitch mcconnell. but mitch mcconnell seems to think that okay we'll pass a budget in the senate and then use that as possible leverage with the republicans in the house who might hold up the debt ceiling. >> michael: that makes perfect sense that that is what they are trying to do it is really just passing the buck. the white house held a firm line on saying we're not going to negotiate at a
. and number two, i think it is fido, as the president said so clearly yesterday, that the debt ceiling essentially must not use to say what then that essentially takes on and essentially undoes the basic full faith and credit of the united states of america. the president made so clear what would he have staked if that were to happen and i just think it's so critical that not occur. you know, i've been through these battles as i've said for many decades, but i don't remember anyone essentially saying we should go over the cliff in terms of the full faith and credit of the united states. the consequences with teeth, i think, to not take, potentially cataclysmic. and for the republicans who essentially say, let's do it, i think that would be a very, very serious mistake with foreseeable consequences. the federal reserve has said don't do it and i think the responsible position is we should not flirt with it. >> said they don't march on me with torches that they start asking you questions. something cataclysmic shouldn't be done in terms of reaching the debt ceiling, yet does science seem
it at the time. but the last time we had one of these debt ceiling debacles that embarrassment was the first downgrade of u.s. credit in history. if congress doesn't act and we default for the first time ever, the consequences are likely to be severe for all of us. federal interest costs would likely rise, business and personal borrowing costs would probably follow. it would also make the struggle to manage our historic debt levels tougher. the worst thing that can happen if you're beck lg under debt, is for your interest rate to go up. it could mean higher taxes and more cults to programs and services from the government. any hope for a controlled fix to our debt problem would be compromised. failing to pay for what we've already spent would be hazardous to the fragile economic recovery now gaining steam. just this week we got a reading about construction of new homes. it jumped 12.1% in december compared to the month before. that's the highest in more than four years. first-time claims for unemployment benefits fell to a five-year low. and the stock market that you invested in your 401(k)
fighting and hammer out a strategy to deal with the looming debt ceiling. melissa: chaos in algeria, the fate of dozens of hostages is unknown. some reportedly have escaped. fox news middle east analyst and lou dobbs will weigh in. first, time for stocks, let's check with the floor the new york stock exchange, nicole petallides is standing by. the dow just awful session highs, but not having a bad day. nicole: not bad at all. up about 90 points off of the highs of the day. was yesterday a fluke? we had five days of gains, gave back a little bit yesterday and back in the green again. look at the nasdaq up more than half a percent. the s&p 500, gains across the board. economic news for labour numbers and those were good, housing starts have been on the move as well, that was well above expectations. let's take a look at some of the homebuilders in particular, which have had a great run recently. tilden permits at multiyear highs. ben willis yesterday talking about optimism. there is a look at lennar. to give an idea of how well the homebuilders have run up, to put together a chart wit
. as the president subsequently yesterday, the debt ceiling essentially must not be used as a weapon. it essentially takes on an is the basic full faith and credit of the united states of america. the president has made so clear what would be at stake if that were to happen. i just believe that it is so critical that that not occurred. you know, i have been through these battles for many decades. i don't remember anyone essentially saying we should go over the cliff. the consequences would be, i think, shamanic and potentially cataclysmic. for the republicans that say let's do it, i think i would be a mistake with foreseeable consequences. the federal reserve has said the responsible physician is we should not forget. >> the president says he's not going to talk about the debt ceiling, speaker boehner said it can be done unless we cut spending at the same time. what are the odds of avoiding going over the fiscal cliff given where both parties are. >> they are going with the american economy and the global economy. closer you get to the fiscal cliff, i think the less likely it is that the u.s. will b
, is unforgivable is the way to make these policies. second, you have the debt ceiling. it is a marketing tool the country hostage. we know there's going to be a fighter for the debt ceiling. in the past that feeling with a speed bump that reminded folks who are borrowing too much and needed to make changes. it could be a useful reminder. not because of sars are people really worry about the fate of the u.s. government and its economic damage, which is what we saw last time. the third piece, the fact government spending is going to expire in the triple witching hour of these issues is if this will close and is that going to force action of the hardest pieces still remaining for the fact that they still for all intents and purposes, it's good we didn't go to the fiscal cliff, good release revenue, but we basically did what we always do, which is punted the hard choices and try to declare bipartisan victory. it wasn't there. the question as to make make these next moments were set to getting us to really take on policies. and this is part of your question that will do it the necessary savings th
the debt ceiling or put the u.s. economy st. at risk. it's tuesday, january 15th, 2013 and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. we've been watching the u.s. equity futures and at least at this point you can see they do look like they're indicated to open a little lower. right now, dow futures down by about 16 points below fair value. the s&p futures are about 2 points below fair value. we have some different nebs going on at the top of the screen than we do on that fair value board. we'll check on that, as well. >>> dell is said to be in talks with private companies in reports of a possible guyout. the journal says jpmorgan is involved in the negotiations. dell shares have been soaring near an eight-month high on first word of this news yesterday. you can see up about close to 2% to the premarket sales. 64 is the last dip. in other technology news, facebook is holing a press conference today. no word on what the big announcement will be. you've heard a lot of analy
between now and the time we deal with the debt ceiling, that we may very well be able to meet the goal which we set out to do, which is to have roughly a $4 trillion cut over ten years, and in the long-term deficit and put us on that path. but i didn't come here to talk about any of those important subjects today because, as important as they all are, today we have a more urgent and immediate call, and that is how to deal with the epidemic of gun violence in america. you all know the statistics very well so i'm not going to repeat them. on that score, i might add, oui an incredible debt of gratitude to many of you at the head table as well as those of you in the room. i know we don't have absolutely unanimity in this ballroom, nor do we in anyway ballroom, but we all know, everyone acknowledges, we have to do something. we have to act. i hope we're all agreed that there's a need to respond to the carnage on our streets and in our schools. i hope we all agree that mass shootings like the ones we witnessed in newton 34 days ago, cannot continue to be tolerated. that tragedy in all my yea
hiring. we may be looking at this debt ceiling, and i'm going to invoke shakespeare, the bard, that this may be much ado about nothing. i'm going there. right here. >> right now? the cliff is -- >> don't you love -- you know, when i first heard, i thought what a great title, i said no, moran, take the shakespeare course first the it's going to be claymation death match, maybe ufc, you and i watch that in our spare time -- not -- but i don't think it's as important as getting through the fiscal cliff. people are hiring again. >> dow transports continue to hit six-year highs. >> even as crude is up 95. >> it's like a market that has transport leadership. did you see union pacific? we had mike's southern on "mad money" he says point-blank, the hole has bottomed and is starting to go higher. and be good to the shutdowns, the coal plants. don't forget china has been burning coal, like you wouldn't believe. much more inventory reduction, because it is so cold. don't care maybe as much about the air. >> apparently not given what we've been hearing out of the beijing. >> can you see y
. it was enough. it got us through that period. then we said, well, we've got to two months until the debt ceiling. it's the 17th today and it just feels different. we're not -- we don't have a clock on cnbc showing the days to the debt ceiling when we hit it. it just seems like the market b is getting desensitized and we figure something -- it's not going to be the deal that we thought. is that true? do we know that, that it's not going to -- you know, derail this? >> my sense is, joe, you might be back to a clock in about a month. i think the one thing we learned from the fiscal cliff was don't really pay attention to anything that comes out of washington until "d" day. >> so that is what we're doing now. we're looking at individual results. >> and i think that's actually what people want. they want to trade in the market. the nice thing about you is you're talking about earnings, you're talking about things that matter to the market right now. everyone i talk to is saying i'll deal with the debt ceiling when i get there. actually, if there was a lot on worry there, we wouldn't be going, budding
's in south carolina. and this headline in the aiken standard -- then, on the debt ceiling debate, the ways and means chairman has announced there will be hearings on this on january 22. they will be taking a look and that. also in the newspapers this morning, here's the "washington times with this headline -- " he will be our guest coming up, the top democrat on the ways and means committee in the house. later, we will talk to the chairman of the house judiciary committee, representative goodlatte, on the washington journal this morning as well. two members of congress. continuing with the debt ceiling, the financial times this morning reports -- on the nomination of chuck hagel, a former nebraskahe ka senator.m he won the support of two key members. his opposition so far has come almost entirely from fellow republicans. those are some of the headlines this morning in the papers. back to our question, do you support executive action on gun- control measures? now to an independent caller. caller: hi. i just wonder if there are any human beings left. the underlying issue has very little to d
raising the debt ceiling gives the government the ability to pay its existing bills. it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in a deal, it certainly went part way, but leaves a number of issues still on the table. would you care to raise that as an additional fiscal cliff that is facing us? would you think that it's not as concerning as it was when you raise that term initially? >> as i said the fiscal cliff, if it is allowed to take place, it probably would have traded a recession this year. a good bit of that has been a
the debt ceiling for three months. what this bill will actually do is set a provision that if the senate does not pass that budget in three months then their pay checks would be withheld, so that's the enforcement mechanism. it actually doesn't require any promise that the senate do its budget. there's conceiveably still the thought that they could not do the budget and not get paid. host: so then the house would respond in kind? tell us a little bit then why use this as a mechanism? >> the strategy here is they are trying to go on offense again, because they had a brutal holiday stretch of sort of failed negotiating ploys and in-fighting and they are trying to turn the tables so people will talk about why went to democrats cut spending? one way they can do that is by talking about the fact that the senate hasn't passed a budget in four years. it's uplimited value there's a conventional wisdom that it's not that important but when the people in the country hear that the senate hasn't passed a budget which sounds like a basic failure of their duty and it's an effective talking point the r
for the eurozone, as well, it's not just about the debt ceiling, they have to get the debt down. the debt ceiling may get raised, but it's not being tackled long-term. >> it seems every single time consistently we get the opposite outcome. which means some areas are consistent and it raises debt levels going forward. >> it seems to me as though we can't fix this one because democratically it's not possible. why? because there are so many verses who are automatically vote to increase the debt because the number of people who own entitlements or benefits is relatively high. and i think you're seeing this failure both in the u.s., in germany and to an extent in the uk. >> the trouble is for all of those economies maybe some of the european ones are under pressure by the government. but the problem is, if you look at issues in the u.s., they're just so low. there's no ability to cut in the long-term. how do you push through entitlement reform and address those issues, especially if there's no market pressure right now? >> my sense is that you don't. i don't understand how that can be achieved and, th
have to do what he calls the right thing on raising the debt ceiling. he says if they don't the u.s. faces a federal default and confusion in financial markets. >> the republicans can act responsibly and y amica' bills or put america through another economic crisis. >> obama says raising the debt limit is necessary for the government to meet its obligations. he said he's willing to compromise on cutting the budget deficit but not in exchange for increasing the debt ceiling. the u.s. government has reached a borrowing limit set by law but republicans continue to reject an increase without spending cuts in social security and other programs. now it's not the first time the u.s. has faced such a stand off. in the summer of 2011 the government and coness mained at odds over raising the limit until the last minute. the incident weighed down on share prices. it also prompted the first downgrade on u.s. government bonds. global car makers are showcasing their latest model at the 2013 international auto show in detroit. more than 50 new models are on display. the u.s. automarket has been
, president obama told reporters the u.s. can't afford a drawn-out debate over raising the debt ceiling, which could reach its lmit in mid february. "raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up, and we need to pay them." president obama warns that if the debt limit is not raised or used as leverage by republicans, markets would go haywire, interest rates would rise, and checks to military veterans and people on social security would end. gop senate minority leader mitch mconnel reponded by saying, "the president and his allies need to get serious about spending, and the debt-limit debate is the perfect time for it." traders will get their first opportunity to react to comments at the market close yesterday by federal reserve chairman ben bernanke. among the highlights, the fed chair says, the federal government is not out of ammunition, the fed's bond-buying program is not likely to lead to higher inflation, and the fed sees positive signs in
as this debt ceiling debate really gets heated up. > thanks greg. > > thanks angie. gm is giving its north american factories a billion-dollar facelift. the automaker plans to overhaul about 70% of u.s. auto models. so far, the remodeling includes redesigns for its full- size pickup trucks, a new chevy corvette stingray and a cadillac luxury version of the volt plug-in electric car. the kaiser family foundation is crunching the numbers on medicare. it finds if medicare's eligibility age is raised to 67 next year, federal spending drops by $5.7 billion in 2014. but, health insurance payments by other americans rise by $11.4 billion. medicare is likely to come up in the debt ceilng debate. president obama has said he is willing to make minor adjustments. house republicans want severe cuts to stop the increase of medicare spending. the employment picture remains mixed around the globe. many employers in brazil, india, russia, china and the u.s. expect to add staff in 2013, according to careerbuilder. but europe will feel the pinch of austerity. a third of employers in italy expect to reduce s
to do and authorize an increase in the debt ceiling so we can pay our debts. i think that is what will eventually happen. i do not think the going often the other direction would be that helpful. >> -- that going off in the other direction would be that helpful. >> i am a second year at the board's school. does the debt ceiling still have a practical purpose? could it be eliminated without much consequence? >> it has got symbolic value. maybe one or two other countries, but essentially no other countries and the world have this particular institution. the congress appropriates $100, tells the government to spend $100 on whatever, and then it raises $80 in revenue through its tax code. the arithmetic here says, you have to borrow $20. no, congress has to give a third 100-80 = says the 180at 20. logically, there is got to be something to make up the difference. the way to address it is by having a sensible plan for spending, insensible span foplar revenue. as i was saying before, this is like a family saying, we're spending too much. let's stop paying our credit card bill. that is n
not gone completely shut down, so we may get at three month extension of the debt ceiling. extending that three months republicans are asking that congress pass a budget to be taken political aim at the u.s. senate because in the u.s. senate they have not passed a budget in a few years. with that they get democrats on the record and the senate with a budget which is something that had been hoping to do politically. they don't have any spending cuts as part of this. another part of this is that congress will get paid if they don't pass a budget. is knows that argument. there will be having budget fights every few months. >> something to look for too. thank you. melissa: just attending the inauguration this morning. lori: that's right. let's bring in lou dobbs listen to that speech this morning. >> the leader of this country for the previous four years. the welcome tone in many respects. in other respects it was confusing and confounding. suggesting that somehow -- he talked about one thing in particular, talking about self executing troops. we don't have any of those. there were momen
the debt ceiling in a timely manner and providing more clarity on policies could actually generate a boost in confidence and open the door for faster growth in the second half of 2013. looking at the labor market, we see lackluster growth in 2013 wing on job creation. we actually see gains of slowing in the first half of 2013 before picking up. it is a little bit slower than in the 4 1/4 with the doctrines of around 50,000 per month. slower gdp growth is going to be driven, we think, by a consumer that is going to be hobbled by tax increases. we will remain positive in 2013 combined -- in 2013, but not appositive in consumer spending over the fourth quarter the second half will be particularly weighed down by less money in their paychecks. and we think as the year progresses, the strength of the housing market, the while the effects of the home price gains and perhaps to improvement in housing could lead to somewhat stronger consumer spending. we did see a 12% gain in housing starts this morning month over month. 37% year over year. these are strong numbers. we did see improvement in home
illustrate why we are going to have the big fights over the next couple of months to raise the debt ceiling and two-thirds of the republican caucuses voted for this. they want to send a message that they really, really needed it, that they want to cut spending for every doll they put out there, even on disaster relief, which historically has not been required to have an offset. >> and definitely has ruffled feathers in the last congress. all of our viewers i'm sure will rememb how new jersey governor chris christie didn't hold back in showing how angry he was at congress, the house, and specifically speaker boehner when the vote was delayed last time. listen to him. this is on january 2nd. >> new jersey deserves better than the due police tea we saw displayed last night. america deserves better than just another example of a government that has forgotten who is the to serve and why. 66 days and counting. shame on you. shame on congress. >> when you listen to that and when you listen to the house floor and sound bites before , s what you're saying why speaker boehner did what he did in the v
, trace. and a push to completely eliminate the debt ceiling once and for all effectively eliminating any legal checks on federal spending. up next, stu varney, what this could mean and why a whole new class of taxes is also now getting some buzz. and new controversy over reports that federal agents waited to arrest an illegal immigrant and a sex offender who worked for this powerful democratic senator, senator menendez, you saw in that picture there. what, what really went on? why was this done? an early morning rescue puts a whole new meaning on another brick in the wall. as firefighters-- did you watch this on america's news room with bill and martha? firefighters worked hours to free a woman who got stuck in a tight spot, how it happened. ♪ ♪ caught between a rock and a hard place ♪ bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin regimen. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. [ woman ] learn from my story. before you begin an aspirin regimen. music: "make someone happy" music: "make someone happy"
hard fall on both gun control and the debt ceiling. the president simply will not offer any compromise on federal spending that might get a debt deal done. on guns as we just heard, is he threatening executive orders. so i think the president simply wants to damage the republicans rather than solve complicated problems, at least at this juncture. joining us from washington with his take fox news political analyst charles krauthammer. i see it as a chess game. rather than both parties working together to get some gun legislation that might help folks control criminals in that area and rather than getting the debt ceiling done with some, you know, meaningful cuts in spending, the president says, you know, i'm not even going to bother. i want to alienate the republicans so that people will be angry with them. am i wrong? he has been doing that since elections day, i wrote a column ever since september pointing out entire strategy for the fiscal cliff was to split the republicans. it had nothing to do his offers had nothing to do with solving the fiscal issue or solving the debt. he showed
. we have the issue in washington about debt ceilings, sequester -- lou: love the way you articulated that. a lot of people call it, you know, the fools out in washington, but i love the elegance of your expression. we appreciate you being here. >> thank you, lou, good to be here. lou: come back soon. mike ryan, we appreciate it. up next, a government report shows high school graduation rates at a 35-year high. don't get excited. we'll tell you why in "chalk talk" tonight, because the case as with many federal stats are deceiving. we're coming right back. ♪ at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they pick up som
't go down to the wire and contest the debt ceiling increase. all these things have swept away a lot of nagging concerns and the next thing to worry about is people don't know exactly what the next thing to worry about s is. >> let's turn it over to you. what are you expecting throughout the rest of this earnings season. we haven't had any major blowoffs, but we're not talking about, you know, that great a situation in terms of revenue growth, right? how would you characterize the earnings period? >> well, i think this is really important. all of this is about expectations. we're coming out of this period where investors have ripped a quarter of a trillion dollars out of stocks in favor of bonds. now they are looking at that three-year performance number of let's say the aggregate bond index and the stock market, and they are saying, you know what? earnings, fiscal cliff, all of these things that have kept me on the sidelines, truthfully the expectations just aren't that high. we've already walked down the q4 numbers very quietly, and keep in mind we're hitting the new highs in the
what is happening here with the debt ceiling and u.s. economy but others say this is really just a lot of collectors simply wanting more coins. we are also looking at where silver plays in terms of other metals this weekend and as you can see it is clearly the winter. and it is posting the best week its nd two months time. back to you. >> thank you, sharon. >>> relatively flat on the major market indeces. >> we are positive for the week. >> you would think that stocks would be worried about the debt ceiling and yet we had word that gop controlled house might have a deal. might vote next week to raise the debt ceiling for even three months. there is a very muted reaction and what to watch here are how people are buying etfs. this is the s&p 500. you can buy it in a single stock and you might say, oh, gee, there is a move there to the far right on the upside when the announcement came. but it is a very, very narrow amplitude. very narrow range of trading. that's about three points on the s&p 500. the volume did pick up and we will have volume towards the heavy side today. if you think th
the sequestered, the debt ceiling, and you have the continuing resolution. the sequestered and debt ceiling fall on top of each other towards the end of february. these to say and republican leadership and the senate, which is served in for 12 years, you never take a hostage you cannot shoot. the problem with the house was they took hostage the cannot shoot when they took the fiscal cliff. if the republican members of congress take the debt ceiling as a hostage, it is a hostage you cannot shoot. as a very practical matter, if we go over the debt ceiling, we do not increase the debt ceiling, republicans will not win the debate. they will argue they are not increasing it because they do not want to control spending but they will not win the debate. what will happen is the white house will pay with cash flow of the interest on the debt. the debt will not be called. what they might not pay our social security checks. the moment the american citizen figures out they may not go out, the game is over. tenfold. because believe me, though congress can stand up to the senior lobby. so that is not a legiti
and texas instruments. house leaders are expected to vote tomorrow to extend the debt ceiling deadline until may 19th. the gop measure doesn't specify an amount, but would lead let the government borrow what it needs to meet its obligation for that period. the strategy shift was agreed to last week and would let republicans focus on other fiscal fights in march such as ook automatic spending cuts delayed by the deal and the potential resolution. julian callow is still with us. julian, do you take this news as a positive development for markets or are you concerned about still the prospect of a government shutdown as others are calling for once we hit some of those further deadlines? >> yeah. i think that is quite positive, really. it shows that there is some desire not to up the vote too much on the side of the house. republicans at this stage. i think it's actually very important if we think about what it means for both financial markets and for the u.s. economy. obviously, financial market conditions have improved noticeably. there's less uncertainty around. that should come through in ter
's an upcoming one with the debt ceiling. ep has to acknowledge this not so pretty reality in the washington as he gives a speech that's supposed to be inspirational. >> the reality is the same congress he was working with on friday will be the same congress he's working with come tuesday despite the speech. we'll watch closely to see more details coming up. thank you so much. we'll watch more of this ahead. >> we always know security is tight in washington, but for the inauguration, it is as tight as it can possibly get, like the motherload of security here. joe johns is here with us to talk about the whole situation. what are we seeing? >> well, john, first of all, there are probably going to be something like 12,000 security people that we know of in and around the national mall for all of the events. so let's break that down a little bit. there are about 4,000 d.c. police officers all of whom will be available for security, different shifts probably working between 12 and 1 hours on sunday and on monday. we have something like 6,000 national guard people, men and women, who are brought h
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